Built in 1897 for the mayor of Bad Ischl, the house is typical of summer homes built in the area during the Industrial Revolution, when people built elaborate homes to flaunt newly acquired wealth, according to the listing agent. The 6,000-square-foot house has three stories, including the above-ground basement level.The kitchen has white painted cabinets, wooden countertops and a tiled backsplash. A separate salon on the main floor has built-in shelving and doors leading to the terrace. The master bedroom, also on the main floor, has an en-suite bathroom lined in white marble, with a shower stall and a separate bathtub.
The upstairs bedrooms have views of the town and the Austrian Alps. From the bedroom floor, a staircase leads to the bell tower, which still has its bell. Other original details include a mosaic floor in the foyer, herringbone floors throughout, and several tiled stoves that heated the house before the oil-fueled central heating system was installed.
The lower level, once the servants’ quarters, is a private two-bedroom apartment with a modern kitchen, a fitness room and the original arched stucco ceiling.
The three acres of grounds have decorative fountains and sculptures. Cedar, spruce and red beech can be found throughout the property.
Bad Ischl was the summer home of Franz Josef I, emperor of Austria until 1916. The town had its heyday during his era before World War I. Today, hiking, skiing and sailing are popular in the area, as are the town’s spas, and operettas presented at the TheaterHaus. Salzburg and its airport are a 45-minute drive.
MARKET OVERVIEW
“In Austria we have a different philosophy of homeownership,” said Leo Hohla, a partner in the Salzburg company Stiller and Hohla Immobilien, a local affiliate of Christie’s Great Estates. “Real estate stays in the family for several generations.” He said that because transactions were few, the country’s property market was stable.
In price, the residential market went up 5.2 percent in 2009, according to a report issued by Knight Frank in April. Anton Holzapfel, the general manager of the Austrian Association of Real Estate Experts, said prices had been increasing in the downtown areas of major cities, while prices in other parts of the country had been flat since 2008. He said there had been no significant change in volume.
An average single-family home in the Salzburg area costs about 3,000 euros per square meter ($353 per square foot, at $1.26 to the euro), Mr. Hohla said. New construction can reach 6,000 euros a square meter, he added, although the upper end can reach 8,000 to 9,000.
New condominiums in the tourist town of Altmünster, about 30 kilometers (19 miles) from Bad Ischl, cost about 3,000 to 6,000 euros a square meter, depending on location, Mr. Holzapfel said. The house featured here costs 4,000 euros per square meter, average for the area.
WHO BUYS IN AUSTRIA
“Ninety-five percent of all real estate transactions were done by Austrians in the last 10 years in Salzburg and the Salzkammergut,” Mr. Hohla said. The remaining 5 percent represent sales to foreign buyers. Mr. Hohla said Germans were most prevalent in the Salzburg area, followed by English and Scandinavian buyers; but buyers from all over the world are represented. According to Detlef Barthmes, an agent with Dr. Vospernik Immobilien, most foreign buyers in Vienna come from Eastern Europe and Russia. There are also significant numbers of buyers from elsewhere in the European Union, he said.
BUYING BASICS
Buyer restrictions vary by province, Mr. Hohla said. They are intended to stabilize the market by keeping out foreign speculators. In most cases, foreigners who intend to make their Austrian residence their primary home receive approval to buy. In Mr. Hohla’s experience, foreigners usually receive approval to buy large luxury properties llike the property featured here, but it is harder to get approval to buy apartments in popular tourist destinations.
Closing costs include a 3.5 percent transfer tax paid to the Austrian government, and an additional 1 percent to register the deed. The buyer and the seller each pay a 3 percent real estate agent commission. Mr. Hohla says the legal aspects of the sale can be handled by either a notary or a lawyer; legal fees are usually around 1.5 percent, but vary depending on the purchase price and the complexity of the transaction.
LANGUAGES AND CURRENCY
German; Euros (1 euro = $1.26)
TAXES AND FEES
Approximately $350 per year
From: http://www.nytimes.com
